Regulation A (Form 1-A): Small Issuer exemption from registration under the Securities Act and its attendant form.

Forms and Documents

Document Name	Status
Form SEC - 486 Form 1-A Form and Instruction	Modified
Harmonization proposing release - PRA Supporting Statement.Final.pdf Supporting Statement A	2021-01-11
February 5, 2020 EDAGR PIA.pdf Supplementary Document	2020-12-01

IC Document Collections

IC ID	Document Title	Status
34758	Form 1-A Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0286	ICR Reference No: 202012-3235-001
Status: Received in OIRA	Previous ICR Reference No: 201908-3235-017
Agency/Subagency: SEC	Agency Tracking No: CF 270-110
Title: Regulation A (Form 1-A): Small Issuer exemption from registration under the Securities Act and its attendant form.
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 01/12/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2022
Responses	204	179
Time Burden (Hours)	111,832	98,396
Cost Burden (Dollars)	15,003,502	13,111,912

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Abstract: Regulation A provides an exemption from registration under the Securities Act of 1933 for certain limited securities offerings by issuers who do not otherwise file reports with the Commission. Form 1-A is an offering statement filed under Regulation A.

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Authorizing Statute(s): US Code: 15 USC 77c, 77d, 77d-1, 77s, 77z-3 Name of Law: Securities Act of 1933
   US Code: 15 USC 78c, 78j(b), 78l, 78o, 78q, Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78w(a), 78mm Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 80a-6(c), 80a-24, 80a-29 Name of Law: Investment Company Act of 1940
   US Code: 15 USC 80a-37, 80a-44 Name of Law: Investment Company Act of 1940
   PL: Pub.L. 112 - 106 301-305 Name of Law: Jumpstart Our Business Startupus Act of 2012
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM27	Proposed rulemaking	85 FR 17956	03/31/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 1-A	SEC - 486	Form 1-A - Regulation A Offering Statement

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	204	179	0	25	0	0
Annual Time Burden (Hours)	111,832	98,396	0	13,436	0	0
Annual Cost Burden (Dollars)	15,003,502	13,111,912	0	1,891,590	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The proposed rule amendments would simplify compliance with Regulation A by conforming certain requirements with similar requirements for registered offerings (including permitting the redaction of confidential information in certain exhibits; permitting incorporation by reference of financial statements in the offering circular; and simplifying the requirements for making non-public documents available to the public on EDGAR). Additionally, the proposed rule amendments would require the filing of generic solicitation of interest materials and increase the offering limit under Regulation A. As a result of these proposed amendments, we estimate that the impact would be an increase in the number of filers and paperwork burden of affected entities. For purposes of the PRA, we estimate that, for Regulation A (Form 1-A), the proposed amendments would result in an increase of 25 Form 1-A filings, an increase of 13,436 burden hours and $1,891,590 for the services of outside professionals.  

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Annual Cost to Federal Government: $103,479,690

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 01/12/2021

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